Yes, the bottom is really falling out in China, prepare for another Great Depression there.

A report on other Chinese economic woes from earlier today when only one-third of the publicly held firms in China had frozen trading, seems a bit understated to me (and the author's later twitter posts are more bearish). I particularly note concerns about China's "real economy. (I'm not the only one concerned about China's "real economy"):

Car inventories are rising rapidly throughout China. Basic materials like copper and rebar are collapsing in price even after large short positions by Chinese short sellers are closed. Coal shipments are being turned back and collapsing in volume. Electricity consumption is essentially flat YOY. This is no longer just real estate development inputs but a growing list of products and industries with bad data. This economy is absolutely not growing at 7%. Given the debt levels of the economy, this is a real concern.

The report also has a bit more detail on the Chinese stock markets yesterday:

Out of the entire Shanghai index, only 20 stocks enjoyed a positive day yesterday. Almost 900 were losers and 656 were down more than 9.5% with the 10% limit.

Since June 12, the Shanghai Composite has lost an unnerving 32%. The Shenzhen market, which has more tech companies and is often compared to America's Nasdaq index, is down 41% over the same period.

This collapse has occurred despite policy responses from China noted by CNN (editorial omissions not noted):

1. The government is essentially buying stock.
2. China is even buying small stocks.
3. A new $40 billion (250 billion yuan) plan announced Wednesday to foster growth in areas of the economy that need it most.
4. More government spending: China will also speed up infrastructure spending that the government was already planning to do such as building roads and utilities.
5. Over half of China's stocks have stopped trading.
6. Big shareholders can't sell for 6 months.
7. No more IPOs (for now).
8. Central Bank slashed rates.
9. Chinese investors can use their homes as collateral: Investors now have more options to back their margin trades
10. Devaluing the yuan: China's currency has fallen heavily in July against the dollar.

The New York Stock Exchange is closed too, but that appears to be a mere technical glitch with its computer systems.